Monday, February 17, 2014

Ridi hydropower receives Rs 1.15 billion worth application in first two days

The ordinary
shares of Ridi Hydropower Development Company has drawn Rs 1.15 billion in the
first two days.

The 2.4-MW
hydropower company has floated 1.17 million units of primary sharesfrom yesterday.
The Initial Public Offering (IPO) at the face value of Rs 100 per unit is being
managed by Civil Capital Market and Elite Capital and will close on February 20.

An applicant
can apply for a minimum of 50 units and a maximum of 10,000 units.

Earlier, Ridi
Hydropower has already issued 300,000 units of primary shares to the locals of
hydropower affected areas last October.
Ridi Khola Small Hydropower Project came into operation four years ago has
already sold electricity worth Rs 148.30 million to Nepal Electricity Authority.

The company,
with an authorised capital of Rs 500 million and issued capital of Rs 300
million, has paid-up capital of Rs 183 million after the issuance of the primary
shares to the locals. After the public issue, Ridi Hydropower will have Rs 300
million paid up capital.

In the last fiscal year
2012-13, the hydropower company has posted Rs 21.2 million net profit. It is
promoted by Arun Valley and Rairang Hydropower Development Company, which have
four hydel projects under them.